Weihai Guangwei Composite Materials Co., Ltd. (hereinafter referred to as "the Company") held the 13th meeting of the 4th Board of Directors on March 28, 2026, and approved the proposal regarding the factoring business of accounts receivable by its wholly-owned subsidiary, Weihai Tuozhan Fiber Co., Ltd. The subsidiary is authorized to engage with financial institutions and commercial factoring companies for non-recourse accounts receivable factoring, with a total financing amount not exceeding RMB 500 million. The application period for the factoring business is 12 months from the date of this board approval, with the specific term of each factoring transaction determined by the individual factoring contract.
300699SZSE
Announcement on the Factoring Business of Accounts Receivable by Wholly-Owned Subsidiary
✨ AI Summary
On March 28, 2026, Weihai Guangwei Composite Materials Co., Ltd. approved a proposal for its wholly-owned subsidiary to engage in non-recourse accounts receivable factoring. The total financing amount will not exceed RMB 500 million, with a validity period of 12 months from the board's approval. This decision aims to enhance cash flow efficiency and reduce management costs, aligning with the company's overall development strategy.
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